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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Arrow Asphalt & Paving Company has 24 employees. 15 with gross earnings of $345 per week and nine with gross earnings of $385 per week. What is the total social security and Medicare tax the company must send to the Internal Revenue Service for the first quarter of the year?

To determine

To calculate: The total security and medicare tax of asphalt & paving company having 15 employees with $345 gross earning and 9 employees with gross earning of $385.

Explanation

Given Information:

In a company of 24 employees the gross earnings of 15 employees is $345 and the gross earnings of 9 employees is $385.

Formula used:

Total security and medicare tax per quarter can be calculated by the use of these formulas:

Social security tax=gross earning×6.25% Medicare tax=gross earning×1.45% Social security and medicare tax per quarter=taxes×13

Calculation:

Consider the gross earning of 15 employees per week $345.

Total gross earning per week is,

$15×345=$5175

For 9 employees having gross earnings $385 total gross earing per week is,

$9×385=$3465

So, total weekly gross earning of 24 employees is,

5,175+3,465=$8,640

Now, social security for 24 employees is equal to grossearning×6.25%×2

Social security=$8,640×6

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